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4 Jun 2013
US Dollar Index up, eyes on 83.00
FXstreet.com (Barcelona) - The world’s reserve, in terms of the US Dollar Index, is inching higher on Tuesday, currently hovering over 82.85/90 as Fed’s rumours dominate the sentiment.
According to K.Kirkegaard, Senior Analyst at Dasnke Bank, “Predicting the timing of a Fed QE announcement is difficult, as yesterday’s ISM surprise showed, but we still believe that it is time to evaluate medium-term dollar risks – and time to think about 2014 dollar hedges. Especially, as a shift in US monetary policy (when not mirrored by the ECB, Bank of England or Bank of Japan) holds the potential to trigger the first cyclical dollar uptrend in years that is not driven by market stress”.
At the moment, the index is up 0.21% at 82.86 with the next resistance levels at 83.00, 83.45 and 83.70 while support levels are locate at 82.40, 82.10 and 81.80.
According to K.Kirkegaard, Senior Analyst at Dasnke Bank, “Predicting the timing of a Fed QE announcement is difficult, as yesterday’s ISM surprise showed, but we still believe that it is time to evaluate medium-term dollar risks – and time to think about 2014 dollar hedges. Especially, as a shift in US monetary policy (when not mirrored by the ECB, Bank of England or Bank of Japan) holds the potential to trigger the first cyclical dollar uptrend in years that is not driven by market stress”.
At the moment, the index is up 0.21% at 82.86 with the next resistance levels at 83.00, 83.45 and 83.70 while support levels are locate at 82.40, 82.10 and 81.80.